NOON SNAPSHOT - Asia Markets Summary

12 March 2013 04:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary.

CRUDE: Apr WTI $92.15/bbl, up 9 cent; Apr BRENT $110.17/bbl, down 5 cents/bbl
Crude prices were rangebound in the morning trade ahead of the release of US inventory data, which is expected to reveal further build in stockpiles.

NAPHTHA: $959-962/tonne CFR Japan, down $2-3/tonne
Open-spec second-half April contract edged down in morning trading on overnight losses in Brent crude futures.

BENZENE: $1,328-1,338/tonne FOB Korea, down $5/tonne
A May cargo was sealed at $1,305/tonne FOB Korea in the morning session. Subsequently, offers for May loading were at $1,315/tonne FOB Korea that were countered with bids at $1,295/tonne FOB Korea.

TOLUENE: $1,195-1,200/tonne FOB Korea, up $5-15/tonne
Offers for second-half April cargoes were at $1,200/tonne FOB Korea, but there were no takers. For May, offers were at $1,208/tonne FOB Korea, against bids at $1,195/tonne FOB Korea.

ETHYLENE: $1,300-1,330/tonne CFR NE Asia, down $20/tonne at the low end
Some end-users in China said there was surplus ethylene for sale because of a derivative PE plant shutdown and they were not in the market to buy spot cargoes. Buying ideas were now capped at around $1,300/tonne CFR NE Asia.

PROPYLENE: $1,320-1,340/tonne CFR NE Asia, down $10/tonne at the high end
A spot cargo for mid-April arrival was heard sold at around $1,320/tonne CFR China. Lower selling indications at $1,330-1,340/tonne CFR China also surfaced in the market.

By: Staff Reporter
+44 20 8652 3214

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